FLO earnings analysis
What we found in FLO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Flowers Foods reported second-quarter revenue of $1.193 billion and diluted EPS of $0.19, below both the prior-year results of $1.234 billion and $0.28 and consensus EPS of $0.22. Volume declined 5.8%, adjusted EBITDA fell 19.2% to $111.3 million, and management lowered Fiscal 2026 revenue, adjusted EBITDA, and adjusted EPS outlooks. The 10-Q reports no material changes to formal risk factors, but commodity exposure remains material, with $3.1 million of hedge fair value and $2.8 million of sensitivity to a 10% commodity-price move.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Declined Year Over Year
- Second-quarter revenue was $1.193 billion, down from $1.234 billion in 2025 Q2 and $1.57 billion in 2026 Q1, representing declines of approximately 3.3% year over year and 24.0% sequentially.
- EPS Fell and Missed Consensus
- Diluted EPS was $0.19, versus $0.28 in 2025 Q2 and $0.20 in 2026 Q1; EPS also missed the $0.22 consensus estimate by $0.03.
- Volume Decline Hit Profitability
- Total volume declined 5.8%, offsetting pricing benefits and contributing to adjusted EBITDA falling 19.2% to $111.3 million.
- Commodity Hedges Cover Near-Term Exposure
- The company held commodity derivatives with a net fair value of $3.1 million as of July 18, 2026, including $2.7 million for Fiscal 2026 and $0.4 million for Fiscal 2027.
- Share Repurchases Continued
- The company repurchased 383,204 shares for $3.8 million during the first 28 weeks of Fiscal 2026 and had 20.9 million shares remaining under its authorization.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Commodity Costs Could Pressure Margins
- A hypothetical 10% change in commodity prices would change the fair value of the derivative portfolio by $2.8 million. The filing warns that less favorable market conditions could materially increase raw-material costs and pressure product margins.
- Volume Weakness Drives Deleveraging
- Second-quarter total volume declined 5.8%, while adjusted EBITDA fell 19.2% to $111.3 million and adjusted EBITDA margin contracted to 9.3%, indicating continued operating deleverage if demand remains weak.
- Lowered Full-Year Profit Outlook
- The formal Item 1A risk factors had no material changes from the prior Form 10-K, but the company lowered Fiscal 2026 adjusted EPS guidance to $0.75-$0.85 from $0.80-$0.90 and adjusted EBITDA guidance to $453 million-$481 million from $465 million-$495 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.19
What they said about what is next.
Fiscal 2026 adjusted diluted EPS guidance was lowered from $0.80-$0.90 to $0.75-$0.85. Adjusted EBITDA guidance was lowered from $465 million-$495 million to $453 million-$481 million; revenue guidance is $5.07 billion-$5.14 billion.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 21, 2026
- Flowers Foods reported Q1 2026 revenue of $1.572 billion, a slight increase of 1.1% year-over-year, while EPS improved to $0.29, surpassing estimates. Despite overall revenue growth, the company faced pressure from…
- 10-K · February 25, 2026
- Flowers Foods positions itself as a brand-focused packaged-bakery operator pursuing margin improvement and disciplined M&A to shift toward higher-margin branded retail products. The company completed the Simple Mills…
- 10-Q · November 6, 2025
- Flowers Foods reported a modest revenue increase to $1,226,554 (amounts in thousands) for the twelve weeks ended October 4, 2025, but materially weaker profitability as operating income fell to $66,516 and diluted EPS…
- 10-Q · August 15, 2025
- Flowers Foods reported net sales of $1,242,835,000 for the twelve weeks ended July 12, 2025, up modestly from $1,224,983,000 a year earlier, while net income declined to $58,365,000 ($0.28 diluted EPS) from $66,967,000…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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